Great-West Financial has completed its acquisition of the J.P. Morgan retirement plan services large-market recordkeeping business, the firm announced today.

This makes Great-West Financial the second-largest provider in the U.S. defined contribution market with nearly 7 million participants, according to the release. The firm also does recordkeeping for more than $400 billion in retirement plan assets.

Terms of the transaction were not disclosed.

This development follows an announcement in March that the retirement business of Putnam Investments, which specializes in the large-plan corporate segment, is combining with Great-West Financial.

Robert Reynolds, president and chief executive officer of Great-West Financial, said the insurance firm now serves every segment of the employer-sponsored retirement plan market: small, mid and large-sized corporate 401(k) clients, government 457 plans and non-profit 403(b) entities as well as the private label recordkeeping business. Reynolds, who served as president and chief operating officer of Fidelity Investments before joining Putnam, is generally credited building Fidelity's giant 401(k) platform, the industry's largest.

“As we move forward as one organization, Great-West Financial will seek to help millions of working Americans achieve more successful, dignified outcomes in preparing for retirement,” said Reynolds. “We will deliver a new generation of savings vehicles, employee engagement strategies and innovative educational resources, client service and leading-edge technology. Ultimately, we aim to address the country’s retirement savings challenge and make great strides towards solving it.”